⚠️ $ICNT Breakdown! -11% Drop & Major Support Lost—Is $0.34 Next? 📉
ICNT/USDT has suffered a catastrophic technical breakdown, currently trading at 0.4060, down -11.20%. The bears have smashed through the most critical support level on the chart, signaling a major trend shift.
📊 Technical Breakdown (4H Timeframe)
The "Death Drop": The price has violently closed BELOW the EMA(99) (Purple line at 0.4396). This line was the macro trend floor. Losing it confirms that the bullish structure is broken and the bears are now in charge.
Bearish Alignment: The price is now below all key Moving Averages (EMA 7, 25, and 99). The EMA(7) (Yellow) is curling down fast, acting as a dynamic ceiling pushing the price lower.
OVERSOLD Alert: The RSI(6) has collapsed to 23.03. This is Deeply Oversold (below 30). While the trend is bearish, an RSI this low usually forces a "Dead Cat Bounce" or relief rally to retest the breakdown level before the drop continues.
🎯 Trade Setup (The "Retest" Play)
The trend is DOWN, but the rubber band is stretched too far. We look for a bounce to short, or a risky scalp long.
🟢 LONG SETUP (Scalp the Bounce):
Only for aggressive traders.
Entry Zone: 0.3950 - 0.4060 (Catching the RSI oversold reaction).
Target: 0.4390 (Retest of the broken Purple Line).
🛑 Stop Loss: 0.3800 (Tight stop).
🔴 SHORT SETUP (The Smart Play):
Wait for the price to rally and hit resistance.
Entry: 0.4350 - 0.4400 (Retesting the broken EMA 99).
Target: 0.3440 (Previous major swing low).
🛑 Stop Loss: 0.4600 (If bulls reclaim the trend).
💡 The Verdict
The chart is BEARISH.
Caution: Do not "invest" here. The structure is broken.
Strategy: Watch for a relief pump to 0.44 and use it as an exit or shorting opportunity.
Are you catching the falling knife on ICNT or shorting the bounce? Let me know below! 👇
#ICNTToken